MannKind (NASDAQ:MNKD) Shares Up 6.3% – Still a Buy?

MannKind Corporation (NASDAQ:MNKD)’s share price was up 6.3% during trading on Wednesday. The stock traded as high as $3.42 and last traded at $3.5510. 658,726 shares were traded during mid-day trading, a decline of 87% from the average session volume of 5,199,431 shares. The stock had previously closed at $3.34.

Analyst Ratings Changes

MNKD has been the topic of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $8.00 price objective on shares of MannKind in a research note on Friday, September 11th. Zacks Research cut shares of MannKind from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. Wells Fargo & Company lowered their price target on shares of MannKind from $14.00 to $13.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Wall Street Zen lowered shares of MannKind from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of MannKind in a report on Thursday, July 23rd. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.34.

MannKind Price Performance

The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of -30.38 and a beta of 1.09. The firm has a fifty day simple moving average of $3.86 and a 200 day simple moving average of $3.51.

MannKind (NASDAQ:MNKD) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The business had revenue of $109.37 million for the quarter, compared to analysts’ expectations of $108.08 million. The company’s quarterly revenue was up 43.0% on a year-over-year basis. During the same quarter last year, the business earned $0.05 EPS. Research analysts predict that MannKind Corporation will post -0.2 EPS for the current year.

Insider Transactions at MannKind

In other news, Director Steven Binder sold 39,051 shares of MannKind stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $4.06, for a total value of $158,547.06. Following the sale, the director owned 785,867 shares in the company, valued at $3,190,620.02. This trade represents a 4.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 111,660 shares of company stock worth $414,881 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On MannKind

A number of hedge funds have recently made changes to their positions in the company. Corient Private Wealth LP acquired a new stake in shares of MannKind in the second quarter worth approximately $47,000. Allworth Financial LP lifted its holdings in MannKind by 2,013.4% in the 2nd quarter. Allworth Financial LP now owns 11,074 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 10,550 shares in the last quarter. Krilogy Financial LLC purchased a new position in MannKind in the 1st quarter valued at $28,000. Independent Financial Group LLC acquired a new stake in MannKind during the 1st quarter worth $31,000. Finally, Summit Global Investments acquired a new stake in MannKind during the 2nd quarter worth $59,000. Institutional investors and hedge funds own 49.55% of the company’s stock.

MannKind Company Profile

MannKind Corporation, a biopharmaceutical company, focuses on the development and commercialization of inhaled therapeutic products for endocrine and orphan lung diseases in the United States. It offers Afrezza, an inhaled insulin used to improve glycemic control in adults with diabetes, and the V-Go wearable insulin delivery device, which provides continuous subcutaneous infusion of insulin in adults. The company's product pipeline also includes Tyvaso DPI (Treprostinil), an inhalation powder for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease; MNKD-101, a nebulized formulation of clofazimine, for the treatment of severe chronic and recurrent pulmonary infections, including nontuberculous mycobacterial lung disease; MNKD-201, a dry-powder formulation of nintedanib, for the treatment of idiopathic pulmonary fibrosis (IPF).